证券研究报告 可选消费/必选消费 假日出行拉动体验消费需求，科技智能与情绪消费产品表现突出 1）分地区看，多数省市消费较快增长，如湖北（+12%）、广西（+15%）、 天津（+10%）、南京（+17%）等。假期延长利好商圈客流，据商务部， 假期前三天重点监测的步行街客流、营收分别+4.5%/4.8%。下沉市场表现 亮眼，假期前 6 天美团中低线休闲玩乐订单同增近 30%；得益于礼盒产品 扩容等，零食量贩春节同店提升明显；2）分品类看，26 年以旧换新政策扩 围智能眼镜等新品，科技及情绪消费成为新年货潮流。据商务部，2.15-2.17 重点平台智能穿戴设备销售同增 19.7%、其中智能眼镜增长 2.5 倍；潮玩、 毛绒、香薰等情绪价值型年货受青睐，天猫年货节宠物新衣消费同增 116%。 国内出游高景气带动酒店量价齐升，入境游及离岛免税表现亮眼 26 年春节长假+天气回暖抬升出游率，全社会跨区域人员流动量创历史单日 峰值，核心景区热度高涨，九华山/祥源齐云山/峨眉山等景区假期内发布限 流公告。特色民俗及返乡需求共振，广东汕头、福建福州位列热门目的地 top1/2（同程），驱动国内酒店表现迎来量价齐升，2.16-2 ...

Investment Rating - The report rates the silver economy industry as "Outperform" compared to the market [1]. Core Insights - The demand for elderly care products is increasing due to the rising proportion of individuals aged 65 and above, as well as the growing number of elderly living alone and those with disabilities. AI technology is enhancing product capabilities and expanding market demand [1][12]. - The report categorizes elderly care durable goods into three main areas: daily living assistance, emotional companionship, and health safety [21]. Summary by Sections Elderly Care Durable Goods Overview - The report highlights the increasing demand for smart elderly care devices, including nursing robots, companion robots, home care equipment, and AI mattresses, driven by the aging population and technological advancements [1][12]. Home Care Equipment - AI is enhancing the functionality of home care devices, which are crucial for monitoring elderly individuals, especially to prevent falls. The market for independent care devices is projected to reach 14 million units by 2030, with a compound annual growth rate of 16% [2][32]. - Leading companies in this sector include Yingzi Network, which offers a comprehensive home care solution through its "Yingzi Elderly Smart Body" product [2][19]. Elderly Care Robots - The market for nursing robots is expected to reach a scale of hundreds of billions, with significant growth driven by policy support and the introduction of new products across various segments [3][43]. - Key players include Ousheng Electric, which specializes in nursing robots, and Rongtai Health, known for its massage therapy robots [3][42]. Smart Mattresses - Smart mattresses are identified as a potential growth category due to their low penetration rate and high demand. The domestic mattress market is expected to reach approximately 65.9 billion RMB by 2024, with smart mattresses projected to increase in market share [4][12]. - Leading companies in this segment include Xilinmen and Mousse Co., which are developing AI-driven sleep solutions [4][50]. Policy Support - The report outlines various government policies aimed at promoting the integration of technology and elderly care, including subsidies for home modifications and the development of smart elderly care products [24][26]. - The Ministry of Civil Affairs and other departments have issued measures to encourage the development of elderly care robots and related technologies [26][27]. Market Demand Projections - The report estimates that by 2030, the number of elderly individuals requiring care will significantly increase, leading to a robust demand for nursing robots and related technologies [45][43]. - The total market demand for elderly care robots in China and abroad is projected to exceed 200 billion RMB [45][43].

Group 1: Robotics - Yingzi Network's revenue from intelligent service robots is relatively small [1] Group 2: Photovoltaics - Nanfang A has the capability to produce 9-11N polycrystalline silicon, primarily for the solar photovoltaic industry [1] - Zhongli Group's photovoltaic business has not yet involved space photovoltaic fields [1] - Sungrow Power has not yet engaged in space photovoltaic products [1] Group 3: Batteries - Shuanghuan Technology's sodium-ion battery cathode material pilot base has recently produced its first batch of products [1] Group 4: Commercial Aerospace - Juguang Technology does not have products applied in the commercial aerospace field [1] - Fengmao Co. has not made substantial progress in business expansion within the commercial aerospace sector [1] Group 5: Other Developments - Xinyi Semiconductor's 1.6T optical module products have achieved mass delivery and are in the process of increasing production capacity [1] - China Merchants Shekou has engaged in duty-free business with positive results, covering duty-free services for high-speed passenger ships on Hong Kong-Macau routes and outbound ports [1] - Wanda Film has invested in and produced the film "Fast and Furious 3," scheduled for release during the Spring Festival [1] - Dalian Electric Porcelain's Jiangxi company has a production plan for 2026 that is nearly full [1] - iFlytek's brain science research is still in the exploratory stage, with the company maintaining attention and appropriate investment [1] - Jingyan Technology's Vietnam operations have commenced and received the first batch of orders [1] - Haiguang Information's business layout has not yet involved TPU chips [1] - Haohua Technology has not yet achieved mass production of trifluoromethanesulfonic lithium [1]

证券日报网讯 2月9日，萤石网络在互动平台回答投资者提问时表示，智能服务机器人是公司的孵化业 务之一，但目前该业务收入占比较小，不对公司业绩构成重大影响。 （文章来源：证券日报） ...

格隆汇2月9日｜有投资者在互动平台向萤石网络提问：请问萤石董秘目前该公司对于AI智能机器人， 家政服务有所涉及，进展如何？成果如何？萤石网络回复称，智能服务机器人是公司的孵化业务之一， 但目前该业务收入占比较小，不对公司业绩构成重大影响。 ...

Investment Rating - The report maintains a "Positive" investment rating for the electronic industry, indicating an expectation of returns stronger than the market benchmark by over 5% [5]. Core Insights - Strong demand for computing power driven by AI applications is expected to continue, with significant investments from major cloud providers [8]. - The hardware supply-demand imbalance is spreading across various sectors, leading to price increases [8]. - New technologies such as CPO (Co-Packaged Optics) are anticipated to create additional demand [8]. Summary by Sections Investment Recommendations and Targets - Key investment targets include: - Semiconductor manufacturing: SMIC (688981, Buy), Hua Hong Semiconductor (01347, Buy) - Testing and packaging: Changdian Technology (600584, Buy), Tongfu Microelectronics (002156, Buy), and others [9]. - Server storage: Lianqi Technology (688008, Buy) - CPUs: Haiguang Information (688041, Buy), Longxin Technology (688047, Not Rated), and others [9]. - Passive components: Sanhua Group (300408, Buy), Fenghua Advanced Technology (000636, Not Rated) [9]. - Server manufacturing: Industrial Fulian (601138, Buy), Huaqin Technology (603296, Buy) [9]. - Analog and power chips: Naxin Micro (688052, Buy), Sierui Technology (688536, Not Rated), and others [9]. - Semiconductor equipment: Zhongwei Company (688012, Buy), Northern Huachuang (002371, Buy), and others [9]. - Optical devices/chips: Zhishang Technology (301486, Not Rated), Tianfu Communication (300394, Not Rated), and others [9]. AI Applications and Edge Computing - Key targets in edge AI applications include: - AI main control chips: Amlogic (688099, Buy), Hengxuan Technology (688608, Buy) - Edge storage: Zhaoyi Innovation (603986, Buy), Bawei Storage (688525, Buy) [10]. - Terminal manufacturers: Hikvision (002415, Buy), Luxshare Precision (002475, Buy), BYD Electronics (00285, Not Rated), and others [10]. - Core components for AI edge: Huanxu Electronics (601231, Buy), Sunny Optical Technology (02382, Buy), and others [10].

证券日报网讯2月6日，萤石网络在互动平台回答投资者提问时表示，公司已在2025年第三季度报告中披 露了2025年第三季度末的股东人数，具体请参见相关定期报告。 ...

（编辑 王雪儿） 证券日报网讯 2月6日，萤石网络在互动平台回答投资者提问时表示，公司拥有自主研发的面向垂直物 联场景的、支持端云协同的MoE具身大模型"萤石蓝海大模型"。萤石蓝海大模型更专注于垂直物联场 景，接入的物联设备多种多样，能够感知物理世界空间信息，处理多模态数据并进行识别与理解，最终 指导设备做出响应。 ...

证券日报网讯 2月6日，萤石网络在互动平台回答投资者提问时表示，公司在全球140多个国家和地区开 展业务，销售相关产品并提供服务。公司在海外主要通过线上和线下渠道进行销售。线上渠道方面，公 司通过亚马逊等跨境电商以及所在国本地电商进行销售。线下渠道方面，公司会选择区域代理商作为核 心经销商，根据不同区域和国家的特点，通过本地化营销团队，拓展经销商、街边店、电工五金等分销 渠道；同时对于连锁零售业发达的地区和国家，有侧重地发展线下连锁KA零售渠道。 （文章来源：证券日报） ...

Core Viewpoint - The pet camera market in China is expected to grow significantly, driven by increasing pet ownership and changing consumer attitudes towards pet care, with sales projected to rise from 964,000 units in 2022 to 1,091,400 units by 2025 [1][8]. Industry Overview - Pet cameras are electronic devices designed specifically for pets, featuring real-time monitoring, two-way audio, remote interaction, anomaly alerts, and night vision capabilities, enhancing pet safety and owner-pet emotional connection [3][5]. Product Classification - Pet cameras can be categorized into four types: fixed, rotating, mobile, and wearable. Fixed cameras are stable and easy to install, rotating cameras offer a wider monitoring range, mobile cameras can be controlled remotely, and wearable cameras are designed for outdoor use [4][5]. Industry Chain - The pet camera industry consists of three segments: upstream suppliers providing components like image sensors and AI chips, midstream manufacturers producing the cameras, and downstream sales channels including supermarkets, specialty stores, and e-commerce platforms [5][6]. Market Demand - The demand for pet cameras is expected to grow as pet owners increasingly prioritize their pets' well-being, leading to a rise in smart hardware products that extend beyond basic monitoring to include features like smart feeding and health monitoring [11][12]. Competitive Landscape - The pet camera market is dominated by four major brands: Xiaomi, Haijue, Yingshi, and 360, which collectively hold over 85% market share. Xiaomi leads with a 43% share, followed by Haijue at 30.6% [9][10]. Technological Innovation - Technological advancements in AI and IoT are anticipated to enhance the functionality and user experience of pet cameras, enabling features like precise pet recognition and seamless integration with smart home systems [12][13]. International Market Potential - The overseas market is seen as a new growth opportunity for Chinese pet camera brands, which can leverage their competitive pricing and innovative features to gain traction in international markets [14].